All Forum Posts by: Imri Adelman

It was a pretty vague, so I would think the same actually. I should have been more detailed.  and great input and insight from your post.

 If you mean More information here? no, cant for now.
If you mean more information to the investor I was sourcing for. than yes, I already did, as we solved the fee issue. My advice here is Never trust a handshake agreement. 

Doesn't seem to be underwater. ill know soon the answers to all of the missing puzzle pieces after DD. I'm not in charge of DD on this case. just sourcing.
NPL and construction skills combined are a Hugh advantage. 

Found a $7M+ 1st position NPL while sourcing. Near West Coast, multifamily almost done with construction.
Low LTV. ,Note's got a nice default rate. Seller wants full balance, no discount.

Could be a good play for someone after the default rate or a developer/investor who’s down to take a shot at the asset.

Brought it back to a group I was sourcing for, their response was to cut the agreed commission in half and throw in a bunch of excuses.

they don’t have the address. just the above in a more detailed manner.

Looking to move it. What would you do? 

Thank you Chad for the important input. This group is a great source for knowledge.

yes, I am aware and willing to risk the amount for the equity and property condition. 

Side note - I also believe 1st would pay off my 2nd if needed,even after sale and before proceedings distribution. it might also stay attached to the property, as there's an issue with lien recording priority in my favour. But That's for a different post.

Regarding the lease, I believe it only applies if it was signed before foreclosure began and at fair market value. I would be entitled to collect rent in that case. And the rent is extremely high in the area. Of course tenants and eviction can be a headache.

good points.

# 1 - ill skip trace and see 

#2 - If someone wins at auction thats ok, Ill get paid for the discounted 2nd and maybe discounted 1st. if no one bids this is now an REO. question is how much BK, insurance ,p.tax and eviction costs and time I'll need to deal with. looking for someone who has been through this. im also ok with JV with an investor who is going to bid at the auction, if ill find one.

also, this property will probably not sell prior to auction as it has too much debt attached.

#3 - the 3rd lien is another mortgage. checked it.

Thank you Chris, and Good idea with paying the 1st. I'll consider it if 1st won't eventually discount. 

property is in East Hampton. Borrower is a private person, not an llc. Im not sure if he lives there or not. He does have other properties.

1sts foreclosure is a few months ahead of 2nd and should be granted moving forward to auction in about a week.

3rd seems like a private person and not a professional lender. I only guess that 3rd wont bid since it also doesn't make sense to lend at 100% CLTV. If they do bid, great I still get paid.

from here I believe its understanding BK, insurance cost ,P.tax, insurance and eviction timelines / costs and see if it's worth it or not.

Any other thoughts?

Thank you - How long is the eviction process in Erie county? 

I'm ok with some headaches if there's a reward.

Property Value: $1.6M–$1.8M, and looks great. in Suffolk county, NY.

• 1st mortgage (in foreclosure): $850K

• 2nd mortgage (my position, also foreclosing): $170K

• 3rd mortgage: $610K original balance, probably more now. looks like lender was a private person who didn't check title.

I'm considering purchasing the 1st mortgage, combining the 1st and 2nd balances into one mortgage, continuing foreclosure, and taking the property as REO, assuming no one would bid at auction.

or purchase the 1st, and only continue foreclosure from the 2nd position.

How long after the auction is payment required from the winning bidder? (I couldn’t find this info online)

If no one bids and I take the property as REO, what does the actual eviction process look like?

In case the borrower falsely rents the property, would it actually be an issue?

Is this practically possible? am I missing something? borrower is litigious.

Would love insights and thoughts from those who’ve gone through this in NY - Suffolk county